tslx-10q_20210331.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                     to                     

Commission File Number 001-36364

 

Sixth Street Specialty Lending, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-3380000

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2100 McKinney Avenue, Suite 1500,

Dallas, TX

75201

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (469) 621-3001

Not applicable

Former name, former address and former fiscal year, if changed since last report.

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TSLX

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at May 4, 2021 was 72,618,759.

 

 

 

 

 

 


 

 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of  March 31, 2021 (Unaudited) and December 31, 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of  March 31, 2021 (Unaudited) and December 31, 2020

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (Unaudited)

 

20

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (Unaudited)

 

21

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

22

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

49

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

69

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

71

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

72

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

72

 

 

 

 

 

Item 1A.

 

Risk Factors

 

72

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

77

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

77

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

77

 

 

 

 

 

Item 5.

 

Other Information

 

77

 

 

 

 

 

Item 6.

 

Exhibits

 

77

 

 

 

 

 

SIGNATURES

 

78

 

 

 

2


 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents Sixth Street Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

an economic downturn, including the current and future economic effects of the COVID-19 pandemic, could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

 

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

such an economic downturn could also impact availability and pricing of our financing;

 

an inability to access the capital markets could impair our ability to raise capital and our investment activities; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report, in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 17, 2021, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The “TSLX” and “TAO” marks are marks of Sixth Street.  Sixth Street and TPG are no longer affiliates, and accordingly, TPG is not an affiliate of ours.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,258,598 and $2,187,427, respectively)

 

$

2,329,835

 

 

$

2,249,302

 

Non-controlled, affiliated investments (amortized cost of $12,835 and $12,892, respectively)

 

 

14,917

 

 

 

12,892

 

Controlled, affiliated investments (amortized cost of $60,027 and $58,709, respectively)

 

 

37,994

 

 

 

36,676

 

Total investments at fair value (amortized cost of $2,331,460 and $2,259,028, respectively)

 

 

2,382,746

 

 

 

2,298,870

 

Cash and cash equivalents (restricted cash of $16,315 and $10,815, respectively)

 

 

19,992

 

 

 

13,274

 

Interest receivable

 

 

10,878

 

 

 

8,583

 

Prepaid expenses and other assets

 

 

4,294

 

 

 

17,866

 

Total Assets

 

$

2,417,910

 

 

$

2,338,593

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $23,730 and $17,246, respectively)

 

$

1,070,633

 

 

$

1,110,363

 

Management fees payable to affiliate

 

 

8,782

 

 

 

8,435

 

Incentive fees payable to affiliate

 

 

13,747

 

 

 

8,673

 

Dividends payable

 

 

119,409

 

 

 

27,728

 

Other payables to affiliate

 

 

2,971

 

 

 

2,632

 

Other liabilities

 

 

17,036

 

 

 

19,447

 

Total Liabilities

 

 

1,232,578

 

 

 

1,177,278

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 72,266,042 and

   67,980,253 shares issued, respectively; and 71,969,998 and 67,684,209 shares

   outstanding, respectively

 

 

723

 

 

 

680

 

Additional paid-in capital

 

 

1,115,370

 

 

 

1,025,676

 

Treasury stock at cost; 296,044 and 296,044 shares held, respectively

 

 

(4,291

)

 

 

(4,291

)

Distributable earnings

 

 

73,530

 

 

 

139,250

 

Total Net Assets

 

 

1,185,332

 

 

 

1,161,315

 

Total Liabilities and Net Assets

 

$

2,417,910

 

 

$

2,338,593

 

Net Asset Value Per Share

 

$

16.47

 

 

$

17.16

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

4


 

 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Income

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

$

61,765

 

 

$

60,766

 

Dividend income

 

 

507

 

 

 

432

 

Other income

 

 

2,277

 

 

 

2,787

 

Total investment income from non-controlled, non-affiliated investments

 

 

64,549

 

 

 

63,985

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

211

 

 

 

1,236

 

Dividend income

 

 

545

 

 

 

 

Other income

 

 

 

 

 

19

 

Total investment income from non-controlled, affiliated investments

 

 

756

 

 

 

1,255

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

936

 

 

 

1,027

 

Other income

 

 

1

 

 

 

3

 

Total investment income from controlled, affiliated investments

 

 

937

 

 

 

1,030

 

Total Investment Income

 

 

66,242

 

 

 

66,270

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

8,953

 

 

 

12,910

 

Management fees

 

 

8,738

 

 

 

8,165

 

Incentive fees

 

 

12,326

 

 

 

7,140

 

Professional fees

 

 

1,395

 

 

 

1,645

 

Directors’ fees

 

 

194

 

 

 

228

 

Other general and administrative

 

 

1,866

 

 

 

1,510

 

Total expenses

 

 

33,472

 

 

 

31,598

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

 

Net Expenses

 

 

33,472

 

 

 

31,598

 

Net Investment Income Before Income Taxes

 

 

32,770

 

 

 

34,672

 

Income taxes, including excise taxes

 

 

460

 

 

 

1,010

 

Net Investment Income

 

 

32,310

 

 

 

33,662

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

9,363

 

 

 

(92,759

)

Non-controlled, affiliated investments

 

 

2,082

 

 

 

(1,394

)

Controlled, affiliated investments

 

 

(1

)

 

 

(13,507

)

Translation of other assets and liabilities in foreign currencies

 

 

133

 

 

 

13,799

 

Interest rate swaps

 

 

(1,822

)

 

 

9,181

 

Total net change in unrealized gains (losses)

 

 

9,755

 

 

 

(84,680

)

Realized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

14,619

 

 

 

75

 

Non-controlled, affiliated investments

 

 

(33

)

 

 

 

Controlled, affiliated investments

 

 

 

 

 

(2,097

)

Foreign currency transactions

 

 

1

 

 

 

(59

)

Total net realized gains (losses)

 

 

14,587

 

 

 

(2,081

)

Total Net Unrealized and Realized Gains (Losses)

 

 

24,342

 

 

 

(86,761

)

Increase (Decrease) in Net Assets Resulting from Operations

 

$

56,652

 

 

$

(53,099

)

Earnings (Loss) per common share—basic

 

$

0.81

 

 

$

(0.80

)

Weighted average shares of common stock outstanding—basic

 

 

69,691,162

 

 

 

66,656,280

 

Earnings (Loss) per common share—diluted

 

$

0.75

 

 

$

(0.80

)

Weighted average shares of common stock outstanding—diluted

 

 

77,356,492

 

 

 

66,656,280

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)

 

Investment

 

Initial

Acquisition

Date

 

Reference

Rate and

Spread

 

 

Interest Rate

 

 

Amortized

Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions,

   Inc. (3)(4)(5)

 

First-lien loan (CAD 74,625 par, due 10/2025)

 

7/6/2018

 

 

C + 5.25

%

 

 

6.25

%

 

$

56,030

 

 

$60,562

(CAD 76,118)

 

 

 

5.0

%

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($64,154 par, due 8/2025)

 

8/15/2019

 

 

L + 7.50

%

 

 

8.50

%

 

 

62,840

 

 

 

65,192

 

 

 

5.5

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($4,772 par, due 8/2026)

 

8/17/2020

 

 

L + 9.50

%

 

10.50% (incl. 9.50% PIK)

 

 

 

4,657

 

 

 

4,759

 

 

 

0.4

%

Integration Appliance, Inc. (3)

 

First-lien loan ($71,500 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

8.25

%

 

 

70,912

 

 

 

72,036

 

 

 

6.1

%

 

 

First-lien revolving loan ($1,310 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

8.25

%

 

 

1,291

 

 

 

1,329

 

 

 

0.1

%

Motus, LLC (3)(5)

 

First-lien loan ($61,641 par, due 1/2024)

 

1/17/2018

 

 

L + 5.50

%

 

 

6.50

%

 

 

60,811

 

 

 

62,103

 

 

 

5.2

%

Netwrix Corp. (3)(5)

 

First-lien loan ($64,140 par, due 9/2026)

 

9/30/2020

 

 

L + 6.50

%

 

 

7.50

%

 

 

62,672

 

 

 

63,578

 

 

 

5.4

%

Nintex Global, Ltd. (3)(5)

 

First-lien loan ($79,495 par, due 4/2024)

 

3/30/2018

 

 

L + 6.75

%

 

 

7.75

%

 

 

78,261

 

 

 

81,907

 

 

 

6.9

%

ReliaQuest Holdings, LLC (3)(5)

 

First-lien loan ($38,191 par, due 10/2026)

 

10/8/2020

 

 

L + 8.25

%

 

 

9.25

%

 

 

37,165

 

 

 

38,019

 

 

 

3.2

%

ServiceChannel Holdings, Inc. (9)

 

Second-lien loan  ($5,520 par, due 6/2025)

 

6/3/2020

 

 

12.00

%

 

12.00% PIK

 

 

 

5,168

 

 

 

5,505

 

 

 

0.5

%

Sprinklr, Inc.

 

Convertible note ($4,017 par, due 5/2025)

 

5/20/2020

 

 

9.88

%

 

9.88% PIK

 

 

 

3,989

 

 

 

4,590

 

 

 

0.4

%

WideOrbit, Inc. (3)

 

First-lien loan ($59,792 par, due 7/2025)

 

7/8/2020

 

 

L + 8.50

%

 

 

9.75

%

 

 

58,936

 

 

 

61,244

 

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

502,732

 

 

 

520,824

 

 

 

43.9

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IntelePeer Holdings, Inc.

 

First-lien loan ($43,642 par, due 12/2024) (3)

 

12/2/2019

 

 

L + 8.25

%

 

 

9.75

%

 

 

43,543

 

 

 

43,314

 

 

 

3.7

%

 

 

Convertible note ($1,750 par, due 12/2024)

 

2/28/2020

 

 

8.00

%

 

8.00% PIK

 

 

 

1,732

 

 

 

2,726

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,275

 

 

 

46,040

 

 

 

3.9

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMS Linq, Inc. (3)(5)

 

First-lien loan ($34,825 par, due 9/2025)

 

9/17/2020

 

 

L + 7.75

%

 

 

8.75

%

 

 

33,860

 

 

 

34,912

 

 

 

2.9

%

Follet Corp. (3)

 

First-lien loan ($75,000 par, due 11/2025)

 

11/25/2020

 

 

L + 7.75

%

 

 

8.75

%

 

 

73,409

 

 

 

73,875

 

 

 

6.2

%

Frontline Technologies

   Group, LLC (3)

 

First-lien loan ($84,621 par, due 9/2023)

 

9/18/2017

 

 

L + 5.75

%

 

 

6.75

%

 

 

84,296

 

 

 

85,044

 

 

 

7.2

%

Illuminate Education,

   Inc.(3)(5)

 

First-lien loan ($63,213 par, due 8/2022)

 

8/25/2017

 

 

L + 6.25

%

 

 

7.25

%

 

 

62,775

 

 

 

63,529

 

 

 

5.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

254,340

 

 

 

257,360

 

 

 

21.7

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AvidXchange, Inc. (3)(5)

 

First-lien loan ($10,953 par, due 4/2024)

 

10/1/2019

 

 

L + 9.00

%

 

 

10.00

%

 

 

10,849

 

 

 

11,082

 

 

 

0.9

%

Bear OpCo, LLC (3)(5)

 

First-lien loan ($19,725 par, due 10/2024)

 

10/10/2019

 

 

L + 6.50

%

 

 

7.50

%

 

 

19,316

 

 

 

19,577

 

 

 

1.7

%

BlueSnap, Inc. (3)

 

First-lien loan ($35,000 par, due 10/2024)

 

10/25/2019

 

 

L + 7.00

%

 

 

8.00

%

 

 

34,472

 

 

 

35,262

 

 

 

3.0

%

 

 

First-lien revolving loan ($2,500 par, due 10/2024)

 

10/25/2019

 

 

P + 6.00

%

 

 

9.25

%

 

 

2,464

 

 

 

2,519

 

 

 

0.2

%

6


 

G Treasury SS, LLC (3)(5)

 

First-lien loan ($47,121 par, due 4/2023)

 

4/9/2018

 

 

L + 8.25

%

 

 

9.25

%

 

 

46,444

 

 

 

47,934

 

 

 

4.0

%

GC Agile Holdings, Ltd. (3)(4)

 

First-lien loan ($39,223 par, due 6/2025)

 

1/31/2019

 

 

L + 7.00

%

 

 

8.25

%

 

 

38,742

 

 

 

39,812

 

 

 

3.4

%

InvMetrics Holdings, Inc. (3)(5)

 

First-lien loan ($53,067 par, due 12/2025)

 

12/30/2020

 

 

L + 6.25

%

 

 

7.25

%

 

 

51,751

 

 

 

52,242

 

 

 

4.4

%

Kyriba Corp.(3)

 

First-lien loan ($14,234 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

10.50% (incl. 9.00% PIK)

 

 

 

13,970

 

 

 

14,752

 

 

 

1.2

%

 

 

First-lien loan (EUR 8,474 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% PIK

 

 

 

9,349

 

 

10,259

(EUR 8,729)

 

 

 

0.9

%

 

 

First-lien revolving loan ($1,411 par, due 4/2025)

 

4/9/2019

 

 

L + 7.25

%

 

 

8.75

%

 

 

1,381

 

 

 

1,454

 

 

 

0.1

%

 

 

First-lien revolving loan (EUR 336 par, due 4/2025)

 

4/9/2019

 

 

E + 7.25

%

 

 

7.25

%

 

 

369

 

 

407

(EUR 346)

 

 

 

0.0

%

PayLease, LLC (3)

 

First-lien loan ($63,507 par, due 7/2022)

 

7/28/2017

 

 

L + 7.25

%

 

 

8.25

%

 

 

63,093

 

 

 

64,301

 

 

 

5.4

%

 

 

First-lien revolving loan ($3,333 par, due 7/2022)

 

7/28/2017

 

 

L + 7.25

%

 

 

8.25

%

 

 

3,316

 

 

 

3,375

 

 

 

0.3

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($22,507 par, due 12/2023)

 

12/31/2018

 

 

L + 9.50

%

 

 

11.00

%

 

 

22,316

 

 

 

23,450

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

317,832

 

 

 

326,426

 

 

 

27.5

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCTO Ace Purchaser, Inc. (3)(5)

 

First-lien loan ($39,900 par, due 11/2026)

 

11/23/2020

 

 

L + 6.50

%

 

 

7.50

%

 

 

38,804

 

 

 

39,700

 

 

 

3.3

%

Caris Life Sciences, Inc.

 

First-lien loan ($5,000 par, due 9/2023)

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

4,897

 

 

 

5,362

 

 

 

0.5

%

 

 

First-lien loan ($3,750 par, due 4/2025)

 

4/2/2020

 

 

11.30

%

 

 

11.30

%

 

 

3,511

 

 

 

4,116

 

 

 

0.3

%

 

 

Convertible note ($2,602 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

 

8.00

%

 

 

2,602

 

 

 

6,310

 

 

 

0.5

%

Clinicient, Inc.(3)

 

First-lien loan ($15,000 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

14,898

 

 

 

15,150

 

 

 

1.3

%

 

 

First-lien revolving loan ($2,400 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

2,375

 

 

 

2,440

 

 

 

0.2

%

Integrated Practice

   Solutions, Inc. (3)(5)

 

First-lien loan ($49,250 par, due 10/2024)

 

6/30/2017

 

 

L + 7.50

%

 

 

8.50

%

 

 

47,876

 

 

 

50,974

 

 

 

4.3

%

Valant Medical Solutions,

   Inc. (3)

 

First-lien loan ($28,836 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75

%

 

 

10.25

%

 

 

28,249

 

 

 

29,370

 

 

 

2.5

%

 

 

First-lien revolving loan ($1,500 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75

%

 

 

10.25

%

 

 

1,476

 

 

 

1,535

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144,688

 

 

 

154,957

 

 

 

13.0

%

Hotel, gaming, and leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (3)(7)

 

First-lien loan ($30,256 par, due 9/2021)

 

9/29/2015

 

 

L + 9.50

%

 

10.00% (incl. 5.00% PIK)

 

 

 

28,590

 

 

 

29,349

 

 

 

2.5

%

 

 

First-lien revolving loan ($7,996 par, due 9/2021)

 

9/29/2015

 

 

L + 9.50

%

 

10.00% (incl. 5.00% PIK)

 

 

 

7,997

 

 

 

7,752

 

 

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,587

 

 

 

37,101

 

 

 

3.2

%

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Absorb Software, Inc. (3)(4)(5)

 

First-lien loan ($34,400 par, due 5/2024)

 

7/31/2019

 

 

L + 6.50

%

 

 

7.50

%

 

 

33,871

 

 

 

35,174

 

 

 

3.0

%

ClearCompany, LLC (3)

 

First-lien loan ($20,182 par, due 7/2023)

 

7/23/2018

 

 

L + 8.75

%

 

10.25% (incl. 2.50% PIK)

 

 

 

20,049

 

 

 

20,384

 

 

 

1.7

%

DaySmart Holdings, LLC (3)(5)

 

First-lien loan ($41,851 par, due 10/2025)

 

12/18/2020

 

 

L + 7.25

%

 

 

8.75

%

 

 

41,845

 

 

 

41,970

 

 

 

3.5

%

7


 

 

 

First-lien revolving loan ($3,000 par, due 10/2025)

 

12/18/2020

 

 

L + 7.25

%

 

 

8.75

%

 

 

3,003

 

 

 

3,008

 

 

 

0.3

%

PageUp People, Ltd. (3)(4)

 

First-lien loan (AUD 51,323 par, due 12/2022)

 

1/11/2018

 

 

B + 7.25

%

 

8.50% (incl. 1.25% PIK)

 

 

 

39,451

 

 

39,412

(AUD 51,745)

 

 

 

3.4

%

PayScale Holdings, Inc. (3)(5)

 

First-lien loan ($70,000 par, due 5/2024)

 

5/3/2019

 

 

L + 6.00

%

 

 

7.00

%

 

 

68,726

 

 

 

70,700

 

 

 

6.0

%

Modern Hire, Inc. (3)(5)

 

First-lien loan ($30,036 par, due 5/2024)

 

5/15/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

29,478

 

 

 

30,637

 

 

 

2.6

%

Workwell Acquisition Co. (3)(5)

 

First-lien loan ($19,900 par, due 10/2025)

 

10/19/2020

 

 

L + 7.50

%

 

 

8.50

%

 

 

19,222

 

 

 

19,900

 

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

255,645

 

 

 

261,185

 

 

 

22.2

%

Insurance